Local Government Financing Vehicles (LGFVs) initially bore the brunt of the deleveraging campaign in China and the crackdown on shadow financing. But since last year, local governments have once again…
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The Citrix buyout debt sale is a warning for credit markets. Banks bore significant losses ($600 million) in a debt sale that will lead to a retrenchment in lending to…
The decline in the Virtus Private Credit Strategy ETF has accelerated, down 17.47% YTD. Private equity was able to ride out the first stage of the bear market well: but…
The bond market has given a clear verdict on the new UK Government’s tax cuts and borrowing spree. The losses on Gilts have been outsized against a backdrop of a…
Italian government bond yields jumped again this morning, as Prime Minister Mario Draghi resigned. Snap elections are expected to be announced shortly. Yields on Spanish, Portuguese and Greek government debt…
Markets were buoyed last week by the drop in longer-term (5-year) consumer inflation expectations in the US (Michigan). Stocks could rally because the Fed would not be so aggressive on…
Markets paid a lot of attention last week to the first German trade deficit since 1991 (seasonally adjusted): the euro slumped. Higher energy import costs and a loss of competitiveness…
This commentary is not intended as a final word on Bitcoin, but simply a contribution to the current discourse on the merits and demerits of cryptocurrencies. There are clear ESG…
